olivLaw · US equity research
Flywire Corporation FLYW
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Flywire is a global payments enablement and software company that helps organisations in education, healthcare, travel and B2B collect and process cross-border and domestic payments. With revenue of $623.0 million in fiscal 2025 and revenue growth of 27.2% in the second quarter of 2026, the company could benefit if its global expansion and payments beyond its traditional core continue, though it remains exposed to student visa policies.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Flywire Corporation (FLYW) stock was 21.81 USD (+13.89% on the day), with market capitalisation 2.7 bn USD, P/E 36.3 on diluted EPS of 0.60 USD over the last 12 months, beta 1.08, 52-week range 10.64–21.81 USD. Latest reported quarter (Q3 2026): revenue of 250.3 m USD (+25.1% YoY), net income of 74.5 m USD (+151.6% YoY), diluted EPS 0.57 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 17.43 – 20.58
- above the upper band · %B 1.39 · band width 16.6%
- SMA 50 / 200
- 18.34 / 15.63
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.55 / 0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.0% | −1.1% | +21.1 pp | — |
| 3 months | +16.9% | −0.5% | +17.4 pp | — |
| 6 months | +24.6% | +4.4% | +20.2 pp | — |
| Year to date | +54.0% | +12.3% | +41.7 pp | — |
| 1 year | +57.9% | +13.5% | +44.4 pp | −1.1% |
| 3 years | −23.4% | +76.4% | −99.8 pp | +4.5% |
| 5 years | −48.5% | +63.7% | −112.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117.6 m | 133.5 m | 131.9 m | 200.1 m | 157.5 m | 188.1 m | 167.7 m | 250.3 m |
| Research & development | 17.4 m | 16.9 m | 17.1 m | 17.7 m | 18.5 m | 19.4 m | 18.4 m | 16.7 m |
| Operating income | -5.8 m | -11.0 m | -9.0 m | 32.3 m | -965.0 k | 10.8 m | -2.8 m | 52.8 m |
| Depreciation & amortisation | 4.7 m | 5.5 m | 1.5 m | 1.5 m | 7.0 m | 8.0 m | 1.6 m | — |
| Interest expense | 138.0 k | 724.0 k | 1.1 m | 1.2 m | 540.0 k | 303.0 k | 312.0 k | 463.0 k |
| Pre-tax income | -14.9 m | -5.0 m | -5.0 m | 31.2 m | 311.0 k | 14.7 m | -5.3 m | — |
| Income tax | 995.0 k | -884.0 k | 7.0 m | 1.6 m | 278.0 k | 2.2 m | 2.8 m | -22.2 m |
| Net income | -15.9 m | -4.2 m | -12.0 m | 29.6 m | 33.0 k | 12.5 m | -8.1 m | 74.5 m |
| Diluted EPS | -0.12 ≈ | -0.03 | -0.10 | 0.23 | 0.00 ≈ | 0.10 | -0.07 | 0.57 |
| Operating cash flow | -28.6 m | -80.8 m | 19.9 m ≈ | 156.2 m ≈ | 4.9 m | -15.8 m | 21.1 m ≈ | 125.2 m ≈ |
| Capex | 101.0 k | 187.0 k | 547.0 k ≈ | 226.0 k ≈ | 390.0 k | 139.0 k | 273.0 k ≈ | 209.0 k ≈ |
| Share repurchases | — | 49.3 m | 5.0 m ≈ | 10.0 m ≈ | — | 10.0 m | 20.5 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 13 percentile of its own 8-quarter history (min 29.2, median 125.0, max 1,204.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 94.9 m | 131.8 m | 201.1 m | 289.4 m | 403.1 m | 492.1 m | 623.0 m |
| Revenue YoY | unavailable | +38.8% | +52.6% | +43.9% | +39.3% | +22.1% | +26.6% |
| Net income | -20.1 m | -11.1 m | -28.1 m | -39.3 m | -8.6 m | 2.9 m | 13.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +365.4% |
| Diluted EPS | -1.25 | -0.60 | -0.39 | -0.36 | -0.07 | 0.02 | 0.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +450.0% |
| net % | -21.2% | -8.4% | -14.0% | -13.6% | -2.1% | 0.6% | 2.2% |
| Free cash flow | 325.0 k | -16.4 m | 16.1 m | 4.1 m | 75.3 m | 97.7 m | 98.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 330.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 835.2 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.50x
- ROE
- 1.6%
- ROA
- 1.1%
- FCF margin
- 15.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 131.8 m | 201.1 m | 289.4 m | 403.1 m | 492.1 m | 623.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 24.5 m | 31.3 m | 50.3 m | 62.0 m | 66.6 m | 70.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -15.8 m | -13.3 m | -30.2 m | -21.5 m | -7.3 m | 11.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 6.8 m | 9.0 m | 12.3 m | 15.8 m | 17.4 m | 26.1 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -9.0 m ≈ | -4.3 m ≈ | -17.9 m ≈ | -5.8 m ≈ | 10.1 m ≈ | 37.4 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 2.5 m | 2.0 m | 1.2 m | 372.0 k | 538.0 k | 3.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -18.3 m | -25.9 m | -37.4 m | -4.4 m | 1.9 m | 21.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -7.2 m | 2.2 m | 2.0 m | 4.2 m | -1.0 m | 7.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -11.1 m | -28.1 m | -39.3 m | -8.6 m | 2.9 m | 13.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -0.60 | -0.39 | -0.36 | -0.07 | 0.02 | 0.11 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 18.4 m | 71.2 m | 107.9 m | 114.8 m | 129.3 m | 127.7 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 104.1 m | 385.4 m | 349.2 m | 654.6 m | 495.2 m | 330.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 11.6 m | 13.0 m | 13.7 m | 18.2 m | 23.7 m | 34.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 148.6 m | 443.8 m | 450.6 m | 815.7 m | 762.9 m | 602.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 5.1 m | 9.4 m | 13.3 m | 15.1 m | 17.2 m | 22.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 44.7 m | 85.8 m | 97.8 m | 121.6 m | 149.6 m | 406.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 68.2 m | 93.6 m | 97.6 m | 108.2 m | 118.7 m | 189.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 271.4 m | 639.8 m | 674.3 m | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 5.4 m | 10.2 m | 13.3 m | 12.6 m | 15.4 m | 15.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 24.4 m | 25.9 m | 0 | — | 0 | — | SEC (XBRL)· 07 May 2025verified |
| Current liabilities | 88.4 m | 117.5 m | 177.3 m | 273.8 m | 289.8 m | 401.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 123.0 m | 157.6 m | 192.4 m | 293.6 m | 307.7 m | 418.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | -81.8 m † | 482.2 m † | 481.9 m † | 786.1 m † | 814.8 m † | 835.2 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.2 m | 17.1 m | 5.4 m | 76.3 m | 98.7 m | 100.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 2.1 m | 1.0 m | 1.4 m | 1.0 m | 924.0 k | 1.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -16.4 m ≈ | 16.1 m ≈ | 4.1 m ≈ | 75.3 m ≈ | 97.7 m ≈ | 98.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -81.5 m | -62.9 m | -24.7 m | -38.8 m | -214.0 m | -194.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 119.0 m | 327.5 m | -24.0 m | 263.4 m | -37.6 m | -78.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 29 Mar 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.11 – 23.08 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E10.11 – 23.08 (Mid 15.35)26 companies used · median multiple 25.6x · quartiles 16.8x – 38.4xACN, AMTM, BR, CART, CPAY, DLO, EBAY, EXLS, FICO, FIS, GRAB, HQY, IMXI, LQDT, LYFT, MA, MELI, MSCI, OPRX, PYPL, QNST, RBA, RELY, TNET, UBER, WU
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.3% | 58 (vs peers) | 13% |
| FCF conversion · Quality | 170.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 29.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 37.0x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 36.3x | 30 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.0% | 63 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet84/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FLYWIRE CORPORATION (FLYW). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 623.0 m USD in 2025; YoY growth 26.6%; net margin 10.3%; ROE 9.1%.
The estimated value range is 10.11–23.08 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.35 USD, the price of 21.81 USD leaves a potential of -29.6% (value / price − 1) and a margin of safety of -42.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 170.1%
- Revenue CAGR 3Y: 29.1%
- Interest coverage: 37.0x
What contradicts it
- P/E (TTM): 36.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| EXLSExlservice Holdings, Inc. | 6.5 bn | 25.7 | 27.7% | 11.1% | +13.6% | +9% / +52% |
| RELYRemitly Global, Inc. | 5.8 bn | 16.4 | 35.9% | 19.1% | +29.4% | +100% / +26% |
| AMTMAmentum Holdings, Inc. | 5.4 bn | 26.7 | 4.5% | 1.4% | +71.6% | −22% / unavailable |
| DLODLocal Limited | 4.1 bn | 21.4 | 37.2% | 18.0% | +46.6% | +3% / −19% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +58% / −23% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| WUThe Western Union Company | 2.1 bn | 6.3 | 36.8% | 8.3% | −3.8% | −25% / −43% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
| RDWRRadware Ltd. | 1.4 bn | 73.3 | 6.1% | 6.7% | +9.8% | +44% / +116% |
1- and 3-year price returns: for FLYW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.30 Total return -30% · Per year -30% | 26.93 Total return 23% · Per year 23% | 40.39 Total return 85% · Per year 85% |
| 3 years | 18.15 Total return -17% · Per year -6% | 35.61 Total return 63% · Per year 18% | 58.17 Total return 167% · Per year 39% |
| 5 years | 21.53 Total return -1% · Per year -0% | 47.10 Total return 116% · Per year 17% | 83.76 Total return 284% · Per year 31% |
- Exit P/E± 8.90
- Net margin± 6.23
- Annual revenue growth± 4.65
- Annual dilution± 0.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
Flywire is a global payments enablement and software company that helps organisations in education, healthcare, travel and B2B collect and process cross-border and domestic payments. With revenue of $623.0 million in fiscal 2025 and revenue growth of 27.2% in the second quarter of 2026 13, the company could benefit if its global expansion and payments beyond its traditional core continue, though it remains exposed to student visa policies.
SWOT
Strengths
- A proprietary global network of banks and payment providers gives access to many payment methods and currencies, which strengthens the company's position 1.
- Vertical-specific software for education, healthcare, travel and B2B is hard for general-purpose competitors to replicate 1.
- Rapid growth in payment volume and revenue in 2026 shows commercial traction 23.
Weaknesses
- A history of net losses and a sizeable accumulated deficit mean sustained profitability is not yet proven 1.
- Reliance on a limited number of banking partners can create operational dependence 1.
- Revenue can vary from quarter to quarter, and margins depend on the mix of payment methods and processing fees 1.
Opportunities
Risks
- Operating loss historymedium
The company has reported net losses in the past and cannot guarantee sustained profitability, which could affect the value of the business if cost growth outpaces revenue 1.
- Student visa policieshigh
Restrictions on international student visas could reduce enrolments and education revenue, an important vertical for the company 13.
- Dependence on partner banksmedium
Reliance on a limited number of banks and financial institutions could create operational and liquidity vulnerabilities if those relationships deteriorate 1.
- Cybersecurityhigh
Cyberattacks or data breaches could damage client trust and create compliance costs 1.
- Errors in large transfersmedium
The company transfers large sums of money daily and is exposed to the risk of errors, which could cause financial losses and claims 1.
Investment thesis
What would need to be true (bull case)
- If volume and revenue growth persist and adjusted margins keep improving, the company could show that its model scales efficiently 23.
- A position in hard-to-serve verticals, with tailored solutions and broad banking partnerships, could support a durable market share 1.
- The 2026 growth guidance and rising revenue outside core markets suggest geographic diversification could support expansion 3.
What would break the thesis
- A recent history of net losses and an accumulated deficit could indicate profitability is not yet robust 1.
- Exposure to student visa policies may create volatility in education revenue, which the company itself describes as prudently guided 3.
- Competition from banks and large payment providers could limit the company's pricing power and margins 1.
What to watch
- Delivery of FX-neutral revenue less ancillary services guidance for fiscal 2026Q4 2026
- Trend in adjusted EBITDA margin and education revenue after visa policy changesQ3 2026
- Annual net dollar-based retention rate in future annual reportsnext 10-K
- Integration of acquisitions and launch of agentic client capabilities2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
Flywire defines its activity around three elements: a next-gen payments platform, a proprietary global payment network built on partnerships with banks and payment providers, and vertical-specific software for education, healthcare, travel and B2B 1. The company says its solutions replace legacy and manual collection systems, reducing customer support inquiries and improving client collections 1. Client relationships include more than 3,200 education institutions and more than 150 healthcare systems in the United States 1.
The revenue model combines transaction fees, calculated as a rate on payment value, with platform and other fees, including software subscriptions and payment plan fees 1. Platform revenue was materially boosted by the Sertifi acquisition in 2025 2.
Segments
Market context
Flywire operates in cross-border and domestic payments for sectors where payments lag behind the digitisation seen in retail and e-commerce, such as education, healthcare, travel and B2B 1. The company says these sectors remain in early stages of digital transformation 1, so payment volume could grow if adoption continues.
Market size is estimated by the company, and its estimates of market opportunity and its ability to capture a meaningful share may prove inaccurate 1. The payments market is competitive, and pricing pressure could compress margins 1.
Trends
- Digitisation of collections in traditional sectorstailwind
Organisations in education, healthcare and B2B still rely on legacy or home-built systems, which leaves room for specialised platforms if these organisations migrate 1.
- Student visa policiesheadwind
Changes to international student visa rules weighed on retention in 2024 and affect education activity, and the company remains prudent in its guidance for this vertical 13.
- Artificial intelligencemixed
AI could improve fraud detection and personalisation, but it may also bring operational, legal and regulatory risks 12.
- Consolidation of payment systemsmixed
Consolidation in payment processing could reduce the number of partners or create larger competitors if it occurs 1.
Competitive position
Flywire operates in a highly competitive sector where legacy payment solutions and specialised providers may compete for the same clients 1. The company says it must innovate to differentiate from legacy payment solutions 2.
Relationships with banks and payment providers such as China UnionPay and Adyen are both channels and potential competitors for certain payment flows 1. University software providers such as Ellucian are partners but could extend their own payment functions 1.
- Adyen
Payment provider named as a channel partner in the company's filing, and a potential competitor for certain payment flows.
- China UnionPay
Payment provider named as a channel partner, which could compete in certain cross-border payment segments.
- Ellucian
University software company named as a key partner, which could also add its own payment functions.
- Bank of America
Financial institution named as a channel partner, which may offer its own payment solutions to clients.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Can Flywire’s (FLYW) Hotel Payment Deals Justify Its Growth Story?Yahoo Finance — News · 23 Sept 2026 · EN
- Flywire (FLYW) Bets On Open Banking To Widen Its Payment MoatYahoo Finance — News · 03 Sept 2026 · EN
- A 3D fruit fly on macOS desktop powered by the real FlyWire connectomeHacker News · 18 Aug 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report03 Nov 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Current report15 May 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement23 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Flywire Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Flywire Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Flywire Corporation · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.